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| *Ostroff, Fair and Company>>>Credit |
What happens to your credit for a foreclosure? |
Do you get a lawsuit or do the banks take your salary foreclosures do impact ones credit. usually it means you will have to pay higher interest next time y ou get a house. you may not be able to get a new house financed for a year or so after it happens. foreclosure means that the mortgage company is trying to take the house away. yes it is accomplished through a usually long legal process. it does not happen overnight and the homeowner usually has rights to redeem the house. after they get a judgement of foreclosure, you will be evicted from the house so that they can sell the house. if the house is sold and you owe money still , then they file another lawsuit for a judgement of deficiency. at this time if they win , y ou may have to go to court and disclose what your assets are and you could possibly have your wages garnished to pay off the deficiency judgement. in the case they sell the house for more money they are supposed to pay off the mortgage and refund you the difference. usually you will never see any money back because they will sell the house fast / don't really care about recovering so you get a profit. they want to sell it so that the recover the mortgage balance that is due to them as fast as possible. i would suggest getting an attorney as it's all complex and you have many different options and should consider them all. it's difficult for someone to think through them, or have the experience to understand it all in such a stressfull time. get more than one opinion too. good luck. since this has been explained in painful detail above - I'll go for the laugh and 2 points: Remember in Hunt for Red October and they had to skidaddle fast: Your credit will be the same: DIVE, DIVE, DIVE! Rig for deep running and extremely high rates for any future loans and such |
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